Key Points
The Enforcement Directorate (ED) on Monday said that it had conducted search and survey operations on October 13, 2023, at 30 locations, including Delhi NCR, Haryana, Kolkata, Mumbai and Bhubaneswar, against the promoters of Bhushan Steel Limited (BSL) in connection with a Bank fraud of Rs 56,000 crore...
The ED investigation revealed, "erstwhile M/s Bhushan Steel Limited and its Managing Director Neeraj Singal and his associates formed several shell companies..
The investigations also revealed that promoters/directors and the officials of BSL forged documents and made fraudulent representations before the banks to discount LCs (Letters of Credit) and diverted the funds back into their own web of companies with malafide intentions causing wrongful loss to the State Bank of India and Punjab National Bank...
Earlier, ED had provisionally attached the Land situated at Village Karede Budruk, District Raigad, Maharashtra, Plot located at Faridabad, Haryana and Plot located at District Kamrup, , Assam valuing Rs 61.38 Crore..
ED has also arrested Neeraj Singal, the then Managing Director of erstwhile M/s Bhushal Steel Limited on 09-06-2023 who is presently in Judicial Custody...
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